Our Bureau
New Delhi
India has increased crude oil purchases from Latin America and Africa as disruption in the Strait of Hormuz continues to squeeze Middle East supplies, with refiners leaning on Venezuela, Brazil, Angola and Nigeria to keep flows stable. The shift comes even as India continues buying Russian oil, underscoring a broader diversification strategy aimed at protecting imports from regional conflict.
Indian refiners raised imports from Venezuela, Brazil, Angola and Nigeria in April and May to cover shortfalls caused by the Israeli-U.S. conflict with Iran and the resulting shipping disruption in Hormuz, according to preliminary Kpler data cited in the reports. The same data shows India is still due to receive about 1.9 million bpd of Russian oil in May, along with about 41,000 bpd from Iraq.
Venezuela has emerged as a notable beneficiary of the shift. Kpler data cited by the reports says the South American producer is on track to become India’s fourth-largest supplier in May, reflecting stronger demand for heavy crude as Gulf flows remain constrained.
The disruption in the Strait of Hormuz has continued to pressure India’s traditional oil route from West Asia, prompting refiners to look farther afield for cargoes. The reports say the government and refiners have emphasized diversification to reduce exposure to supply shocks from the chokepoint.
India’s oil basket has already shifted sharply since the conflict escalated, with purchases from Latin America and Africa helping offset lower imports from the Middle East. For now, the move appears to be less a temporary fix than a structural adjustment in sourcing strategy.
